Chinese electric carmaker Nio said Friday that it’s planning a secondary share listing in Singapore.
Nio, which is listed on the New York Stock Exchange, also carried out a secondary listing in Hong Kong in March. Singapore would be the third exchange that Nio’s shares are trading on.
The move comes as Nio and dozens of other U.S.-listed Chinese companies were added to a U.S. Securities and Exchange Commission list of firms facing a possible desilting from American exchanges.
Former President Donald Trump passed a law in 2020 that required U.S.-listed foreign companies to comply with higher auditing standards. Those that failed to follow the rules could be delisted.
To mitigate the delisting risk, major Chinese companies listed in the U.S. — such as Alibaba, JD.com and others — have carried out secondary listings, mainly in Hong Kong.
But Nio’s move to list on a third venue, particularly Singapore, is a unique move — one that’s not been followed by many other Chinese firms yet.
Nio’s rivals Xpeng and Li Auto have both carried out secondary listings in Hong Kong.
